The 84 year-old announced her plans to retire from daytime television almost one year ago, and it is now time for her to start saying goodbye.

ABC announced on Monday that Walters' last appearance on 'The View', a talk-show she created with Bill Geddie in August 1997, will be on May 16th and the network will air a two-hour special about her entire illustrious career.

However, she will always be a lifetime member of ABC and will contribute to the network on occasions.

"In this business there are legends, there are icons, and then there is Barbara Walters," Robert A. Iger, Chairman and Chief Executive of The Walt Disney Company said.

"She's a dear friend and colleague as well as someone I deeply admire, and it's impossible to fully convey her impact and influence on television. She broke barriers, defied convention, made history and set the standard for journalistic excellence for more than 50 years," he continued. "It's hard to imagine television without her."

To further pay tribute to the news anchor, who first joined ABC in 1976, ABC News' New York City headquarters will be named in her honor during a dedication ceremony this coming spring. The show will further broadcast a week-long celebration to her career, prior to the week she leaves.

"Barbara Walters was one of the first people I met as an ABC page almost 38 years ago. She was fiercely intelligent, impressive and inspiring then, and remains so to this day," Anne Sweeney, co-chair, Disney Media Networks and president, Disney/ABC Television Group said.

"I am honored that I've had the rare opportunity to work, and learn, from her all these years," she added. "Her influence on television, and American culture, will resonate for decades to come."